Precise, Kent Reliance and InterBay raise LTVs to 75%

OneSavings Bank (OSB) has today (19th May) launched a new product range across its three lending brands following news that physical valuations can resume in England.

The bank has increased the LTV to 75% across its BTL ranges available through Kent Reliance for Intermediaries, Precise Mortgages and InterBay Commercial.

These rates apply to products such as HMO up to six beds, and MUFBs for remortgages and limited companies.

In addition, the 75% LTV is available on residential lending, and Precise has resumed its help to buy offering.

Brokers with existing pipeline applications will continue to have their cases honoured, provided that the application has progressed to valuation stage, fits the new criteria, and fees have already been paid.

Alan Cleary, managing director at OneSavings Bank (pictured above), said: “While it’s been an odd and unsettling time, I’ve been especially proud of the efforts that the OneSavings Bank team has made to ensure a level of business continuity for our intermediary partners during the lockdown period. 

“Being agile enough to come out so quickly with a new 75% LTV offering is a great testimony to their dedication.”

He added that the return of physical valuations was a positive step for the market and, from its regular conversations with brokers, it was vital to be up and running as soon as this was possible.

“We’ve made great efforts to be transparent with our brokers, with regards to our lending appetite, to manage their expectations and demonstrate that we can move quickly in response to the changing market.”

Precise Mortgages, Kent Reliance for Intermediaries and InterBay Commercial temporarily suspended new applications for all product lines in March, in response to the Covid-19 crisis.

In April, Precise and Kent Reliance announced it had started accepting desktop valuations on BTL and residential mortgages.

Earlier this month, Precise launched bridging products supported by AVMs.

“It’s more important than ever for us to work closely with our brokers to help them guide customers through the new complexities that Covid-19 has brought to the market, while continuing to innovate and offer lending solutions that work for them.

“But I emphasise that this is only the start of the journey, and if the UK’s recovery continues on this trajectory then we intend to move forward at pace.”

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